The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant ATI Physical Therapy located at 500 Center Street in Grayslake, Illinois for $1,595,000.<\/p>\n
The 3,942 square foot\u00a0 net leased ATI property is well located near numerous other national retailers including Jewel-Osco, Starbucks, PNC, Huntington Bank and Bank of America. The ATI property is ideally located at the hard corner of a signalized intersection along South Barron Boulevard (18,553 VPD) which provides excellent visibility and easy accessibility. Additionally, the property is located near Grayslake Central High School (1,353 students), Grayslake Middle School, Westlake Christian Academy and St Gilbert’s School which drives continual traffic to the corridor. There are 142,329 people living within five miles of the property with an average household income of $114,018.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller was a private real estate developer and the buyer was a Midwest based trade buyer.<\/p>\n
The tenant, ATI, \u00a0has a new 10-year lease which features 2% annual rental escalations in the primary term and in each of the two 5-year renewal option periods. ATI Physical Therapy is the largest physical therapy company under one brand name in the United States with 823 locations and is rapidly growing.<\/p>\n
\u201cNet leases to e-commerce resistant tenants like ATI Physical Therapy continue to garner significant investor interest\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cSingle tenant investment properties located in top 10 MSAs like Chicago continue to be popular amongst investors.<\/p>\n